You have no savings. So what?
There comes a time it occurs to you that you actually do not have any savings or commensurate savings to your income stashed somewhere. Not that you never liked the idea of saving but one way or the other saving has remained elusive for you due to a financial setback, a health setback, some money mistakes or even your lifestyle choices. You are not alone sis. As a matter of fact, Just 16% are saving more than 15% of their income in the US according to a CNBC article.
If we extrapolate, we should certainly expect a lower percentage of savers in Nigeria.
So why should you save?
Saving and investing money generally helps you become financially secure and provide a safety net in case of an emergency. However, for women, investing is not only important, it’s a primal need. Factors like a rising gender-pay gap, healthcare, family raising and planning and a longer life expectancy are natural reasons savings should be on repeat.
Here are a few reasons why you should save:
Emergencies — This could be any number of things: a new roof for your house, out-of-pocket medical expenses, or sudden loss of income. You will need money set aside for these emergencies to avoid going into debt to pay for your day-to-day necessities.
Retirement — The RSA for working girls who have one is mostly a joke compared to acquired lifestyle through the working years. You certainly need a back up plan. For the girl entrepreneur, if you intend to retire someday, which you will, you will probably need savings and/or investments to take the place of the regular income you have now.
Baby girl Goals — You know those goals you have? Home ownership, better education, starting your own business, owning a beauty products manufacturing chain, setting up your new home, children’s education etc. Those goals wont fund themselves. You have to be investing actively towards them at a rate higher than prevailing inflation rates.
Without money put away in savings and/or investments, you open yourself up to risks and abuse as well. For example, not having enough money to pay for an emergency health care may force you into taking a bad loan that your savings might otherwise have covered or have you wait on another being on all fours subjecting your individualism to ridicule and shame.
Saving is hard, so is being broke. Which would you rather choose? Do it with HerVest, At HerVest, we show you how to crack the investment code through a guided approach towards investments for women.
Get on the app now and start smashing those money goals.
